Announcement

Collapse
No announcement yet.

BitPay: Can it be a payment option in Miva?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #16
    Re: BitPay: Can it be a payment option in Miva?

    If there are really a few dozen people who want this module, then I can probably provide it at a cost around $150 per user. Anyone who's interested is welcome to contact me, or to recruit other users to share the cost. I do find the Bitcoin concept very intriguing; I'll be doing some research on it.

    Thanks --
    Kent Multer
    Magic Metal Productions
    http://TheMagicM.com
    * Web developer/designer
    * E-commerce and Miva
    * Author, The Official Miva Web Scripting Book -- available on-line:
    http://www.amazon.com/exec/obidos/IS...icmetalproducA

    Comment


      #17
      Re: BitPay: Can it be a payment option in Miva?

      Ok, I am in at $150

      Comment


        #18
        Re: BitPay: Can it be a payment option in Miva?

        We'd promote it via the newsletter FWIW.
        Thanks,

        Rick Wilson
        CEO
        Miva, Inc.
        [email protected]
        https://www.miva.com

        Comment


          #19
          Re: BitPay: Can it be a payment option in Miva?

          Bitcoin is getting more and more popular...at least the buzz is heard more than once every 6 months now. It is a very intriguing concept and one that could cause issues with the current money system as it becomes more accepted. I believe bitcoin has an API that can be used to verify and process bitcoin payments, but this is far beyond my abilities to program or even comment on. The API is called bitpay and info can be found here : https://bitpay.com/bitcoin-payment-gateway-api

          Here's an issue with bitcoin though, it can take quite a while to verify and complete transactions which may be an issue. Something would need to be programmed into the module to let the customer know that their order is being processed and it could take a while. Most people who use bitcoins are already aware of this though. The merchant would also have to make sure their wallet is fully up to date constantly or that could delay possible transactions while it updates - which could take anywhere from 10 minutes to many hours if it is way behind on the blockchain data.

          One nice thing though, verification would be 100% fraud proof if everything is done properly.

          Bitcoins vary in value as well, price use to be over $200 per coin, now value is around $120 per coin but as the hashrates increase, difficulty is also increasing and availability will be decreasing so the value should start to climb again soon.

          It is a very interesting concept for sure. I would probably be interested in the module just because there are so few people who actually accept bitcoins right now that anyone who did incorporate it in their store would have a good head start on the competition - as well as a small monopoly for customers who would like to use their bitcoins because other online stores don't have that ability yet. The only concerning part is if bitcoins end up dropping in value for whatever reason and you have made a bunch of bitcoin sales. It is no more risky than any other foreign currency though and you can exchange/sell your bitcoins for u.s. dollars.

          Keep me updated on this please, I am very interested.
          Last edited by Gamelord; 05-20-13, 10:01 AM.
          Kent
          www.awindofchange.com

          ~~Once you take flight your eyes will forever be turned skyward~~

          Comment


            #20
            Re: BitPay: Can it be a payment option in Miva?

            I started another thread, maybe admin could sticky it?
            http://extranet.mivamerchant.com/for...651#post410651

            Comment


              #21
              Re: BitPay: Can it be a payment option in Miva?

              I wonder if a Kickstarter would be a good idea for something like this?
              Thanks,

              Rick Wilson
              CEO
              Miva, Inc.
              [email protected]
              https://www.miva.com

              Comment


                #22
                Re: BitPay: Can it be a payment option in Miva?

                The only concerning part is if bitcoins end up dropping in value for whatever reason and you have made a bunch of bitcoin sales. It is no more risky than any other foreign currency though and you can exchange/sell your bitcoins for u.s. dollars.
                Don't mean to rain on any ones parade, but...I don't know of many store owners (ok, any) that would accept an order from a country who's currency see's a 100% to 300% single day swing. Besides, in most cases, the CC/Gateway dampens the rate exchange effect by guaranteeing the ROE at the time of authorization.

                While interesting, and possibly worth the risk in return for eyeball accumulation (i.e, allow 1 product, 1 quantity to be purchased this way) Bitcoin is VERY RISKY for a physical goods store to offer. You are better off investing the money in gold<g>.
                Bruce Golub
                Phosphor Media - "Your Success is our Business"

                Improve Your Customer Service | Get MORE Customers | Edit CSS/Javascript/HTML Easily | Make Your Site Faster | Get Indexed by Google | Free Modules | Follow Us on Facebook
                phosphormedia.com

                Comment


                  #23
                  Re: BitPay: Can it be a payment option in Miva?

                  Originally posted by Bruce - PhosphorMedia View Post
                  Don't mean to rain on any ones parade, but...I don't know of many store owners (ok, any) that would accept an order from a country who's currency see's a 100% to 300% single day swing. Besides, in most cases, the CC/Gateway dampens the rate exchange effect by guaranteeing the ROE at the time of authorization.

                  While interesting, and possibly worth the risk in return for eyeball accumulation (i.e, allow 1 product, 1 quantity to be purchased this way) Bitcoin is VERY RISKY for a physical goods store to offer. You are better off investing the money in gold<g>.
                  I agree about the currency risk. However a merchant can have an option of an immediate conversion to your currency of choice upon receipt of bitcoins.

                  All assets are volatile to some degree. If gold drops below $1321 per oz - significant downside is very likely, possibly below $1000 per oz

                  Comment


                    #24
                    Re: BitPay: Can it be a payment option in Miva?

                    Has I said, bitcoin has seen one day fluctuations of 100 to 300%. The largest swing of a major exchanged currency is about 1.5% per day. So, unless you want to sleep with the off switch for this module in your hand...you are taking a big risk. IMO.

                    Now, as I said, I can see this being used for certain product lines/companies. For example, I have an non-mainstream publisher. I would encourage them to use this to sell, one, maybe two of their 'e-books'. (with a limit of 1). Since they often gives these out free...any loss would just be an advertising expense.
                    Bruce Golub
                    Phosphor Media - "Your Success is our Business"

                    Improve Your Customer Service | Get MORE Customers | Edit CSS/Javascript/HTML Easily | Make Your Site Faster | Get Indexed by Google | Free Modules | Follow Us on Facebook
                    phosphormedia.com

                    Comment


                      #25
                      Re: BitPay: Can it be a payment option in Miva?

                      Yeah the swings in BitCoin are one of the many reasons I don't see us adopting this as a Core Tech unless it was for the Press and well we just don't do those kinda things.

                      I am fascinated by BitCoin personally and think this could be a good niche module.
                      Thanks,

                      Rick Wilson
                      CEO
                      Miva, Inc.
                      [email protected]
                      https://www.miva.com

                      Comment


                        #26
                        Re: BitPay: Can it be a payment option in Miva?

                        Any module that is designed would need to have the ability to take in the current value of bitcoins at today's prices. Meaning that the amount would need to be adjusted either real-time or at minimum once a day. The value of bitcoins changes day to day just like every other currency out there. It did have a huge drop in one week a while back when one of the largest holders of bitcoins dumped a large amount of coins onto the market at one time. At that time the price for bitcoin was somewhere around the $250 range, after he dumped the coins in mass volume on the market, the price did drop down to where it is now at around $115 per coin. It is a huge risk and something that you need to understand before jumping into. Personally, if I were to accept bitcoins on my site, I would exchange them for dollars on a regular basis. One reason would be to reduce the risk factor involved with them, the other and most obvious reason is that I would need to convert them into dollars to pay my vendors (unless my vendors ever start to accept bitcoins for payment).

                        I have been interested in bitcoins for a couple years now. Never have bothered with it that much but just recently I have actually had a couple customers ask if I do or will ever accept them as payment for goods. This reinforces the notion that they are becoming more public and accepted. I think it would be beneficial to be on the ground floor. Like everything new, there is always risk and this is obviously one of the higher risk items, but could become quite profitable in the long run. Same rules apply though, never invest more than you are willing to lose. :)
                        Kent
                        www.awindofchange.com

                        ~~Once you take flight your eyes will forever be turned skyward~~

                        Comment


                          #27
                          Re: BitPay: Can it be a payment option in Miva?

                          I already have a module that does currency conversion:
                          http://www.vikingcoders.com/store/me...MAGIC_CURRENCY
                          I could integrate some of this functionality into a payment module if necessary.
                          Last edited by Kent Multer; 05-22-13, 01:19 PM.
                          Kent Multer
                          Magic Metal Productions
                          http://TheMagicM.com
                          * Web developer/designer
                          * E-commerce and Miva
                          * Author, The Official Miva Web Scripting Book -- available on-line:
                          http://www.amazon.com/exec/obidos/IS...icmetalproducA

                          Comment


                            #28
                            Re: BitPay: Can it be a payment option in Miva?

                            Hi guys, BitPay here. I just found this thread. We would be happy to work with Kent to get a module built. That would easily allow Miva merchants to add bitcoin as a payment option. We've already integrated with 3dcart, foxycart, and a few other SaaS commerce platforms, so we have a good idea what's required from the developer side. Email me directly please [email protected]

                            Comment


                              #29
                              Re: BitPay: Can it be a payment option in Miva?

                              Originally posted by bitpay View Post
                              Hi guys, BitPay here. I just found this thread. We would be happy to work with Kent to get a module built. That would easily allow Miva merchants to add bitcoin as a payment option. We've already integrated with 3dcart, foxycart, and a few other SaaS commerce platforms, so we have a good idea what's required from the developer side. Email me directly please [email protected]
                              I would be very interested in helping develop the module. I have lots of paranoid customers. :)

                              Comment


                                #30
                                Re: BitPay: Can it be a payment option in Miva?

                                I'm curious if there has been any progress on a BitCoin payment module for Miva?
                                Psydde Delicious
                                Delicious Boutique & Corseterie
                                Philadelphia, PA
                                www.DeliciousBoutique.com
                                www.DeliciousCorsets.com

                                Comment

                                Working...
                                X